Page 368 - MOE ENGLISH PR REPORT - AUGUST 2024

8/23/24, 3:18 PM Latest News
bolster their exports, enabling them to access new markets. Furthermore, it seeks to foster investments by
SMEs owners as well as entrepreneurs in new economy sectors.

Tourism and aviation
The UAE and Lithuania affirmed their commitment to strengthening collaboration in the realms of tourism and

aviation. Both sides will collaborate on organising joint tourism fairs and events in the upcoming stage to
harness the tourism potential and assets of both countries.

Transportation and logistics
The JEC session also witnessed the UAE and Lithuania reinforce their commitment to facilitating

collaboration between maritime transport institutions and authorities in both countries. The objective is to
promote the exchange of investments in areas including logistics services, seaport infrastructure, maritime
technology, shipbuilding, and the exchange of expertise on integrating AI into different maritime applications.

Investment
The meeting discussed the prospects for organizing a sequence of joint sessions with the purpose of

encouraging investors and entrepreneurs from both countries to capitalise on the advantages and incentives
offered by both markets. The objective is to stimulate growth in investment activities and facilitate the
development of joint economic and investment initiatives that will positively impact the economies of both

countries.
Space

The two sides explored the potential for forming a new partnership in the field of space sciences and industry.
Its objective is to offer a range of training programs for individuals and businesses involved in outer space

activities and sectors. Additionally, it will focus on bolstering investment flows between UAE and Lithuanian
companies operating in this field.

Food security and agriculture
Both the UAE and Lithuanian sides expressed a strong desire to enhance cooperation in the areas of food
security and agriculture. This will be accomplished by promoting trade in food, agricultural, and animal

products, given that the agricultural sector holds considerable importance in the Lithuanian economy,
employing around 10 per cent of the workforce. Additionally, the two sides agreed to facilitate the exchange

of knowledge and best practices in organic farming, sustainable food production, smart farming methods, and
innovative technologies used in agriculture sector.

Energy and renewable energy
Moreover, the UAE and Lithuania agreed to bolster cooperation and investments in the fields of energy and

renewable energy and foster partnerships in the fields of advanced energy technology, sustainable energy
sources, and liquefied natural gas.
MoU between UAE Chambers and Lithuanian Industrialists Union

On the sidelines of the UAE-Lithuania Joint Economic Committee, H.E. Abdulla bin Touq Al Marri, Minister of
Economy, witnessed the signing of a Memorandum of Understanding (MoU) between the Federation of UAE

Chambers and the Lithuanian Industrialists Union, with the aim of enhancing economic cooperation between

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